"Chris has done an amazing job creating a franchise on weekend morning," MSNBC President Phil Griffin said in a statement. "He’s an extraordinary talent and has made a strong connection with our audience. This is an exciting time for MSNBC.”

The 34-year-old Hayes provides a younger, more "intellectual" contrast to Schultz, who was viewed as more of a liberal bulldog and advocate for unions and labor. Hayes is currently the host of "Up With Chris Hayes," a weekend morning show on MSNBC that he has hosted since 2011.

With the move, Hayes becomes the youngest primetime host in cable news. It also puts him opposite two cable news titans — Fox News' Bill O'Reilly and CNN's Anderson Cooper. He will lead into "The Rachel Maddow Show" at 9 p.m.

"I am thrilled to be joining Rachel and Lawrence [O'Donnell] in primetime,” Hayes said. “I've absolutely loved hosting UP on the weekends and I'm looking forward to thinking through the news five nights a week.”